The Investment Company Institute (ICI) submitted a letter to the IRS and Treasury Department supporting the mark-to-market election provided for Section 988 transactions by the recently proposed regulations, but requested three clarifications to provide mutual funds with the certainty and consistency that they need. The ICI also submitted a letter expressing concern about the application to RICs of the new transition tax on deferred foreign income in Section 965, as amended by Pub. L. No. 115-77 (commonly known as the Tax Cuts and Jobs Act), and requested that these rules be clarified. (Section references are to the Internal Revenue Code of 1986, as amended.